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Trusts

This category contains 178 posts

I didn’t read it …

The background to Kusabs v Staite, which relates to the rectification of a lease, is complex and fact specific and highlights the need for parties to written documents to ensure an accurate record of the agreement that is being recorded. Relevant considerations from the Court of Appeal include: the standard of proof for rectification is … Continue reading

To gift or not – what did I intend?

The decisions in Reid v Castleton-Reid and Tian v Zhang highlight the importance of recording not only transactions, but also the parties’ expectations.  Reid v Castleton-Reid relates to the correct characterisation of a $1.7m trading account.  Tian v Zhang relates to whether sums advanced represented a dowry or were held on resulting trust.  In both cases the judgment … Continue reading

Regular pattern not just a knitting matter

The rules that tax certain sales of land include exclusions relating to a person’s main home.   These exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises. A tax policy consultation document, Habitual buying and selling of land, released … Continue reading

Proposed amendments to taxation provisions relating to trusts

The Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill (Bill) includes proposed amendments arising from the administrative review of the taxation of trusts. The proposed amendment relate to clarification as to what can comprise corpus and a range of amendments that clarify the nature of certain distributions and amendments that relate variously to complying,  non-complying and foreign trusts … Continue reading

Disclosure of legal advice

McCallum v McCallum relates to applications for discovery of information including trustee legal fees, trustee resolutions and legal advice received by trustees. The case considers important procedural aspects of when discovery can be sought, the rules that apply to originating applications and the extent of discretion available to the High Court regarding such matters.  Of … Continue reading

£200 then, $120,000 now?

In 1961 Andrew Taylor advanced £200 to his mother to assist with the purchase of a property.  Andrew’s contribution, which equated to 7% of the value of the property was recorded by need that recorded: … My son, Andrew Taylor, has provided two hundred pounds [200 pounds] towards the purchase price of the property, and … Continue reading

Can attorneys exercise powers of appointment?

In Godfrey v McCormick Nation J held that an attorney under an enduring power of attorney can not exercise powers of appointment even if held in a personal capacity.  This is inconvenient where there is incapacity.  While this will likely be addressed by the trustee appointment and removal provisions in the Trusts Act 2019 (following … Continue reading

Reconstructive memories

Families are complicated.  Family agreements and arrangements all the more so.  Almond v Read highlights the consequences of family arrangements that are not recorded in writing.  The background facts are not disputed.  Ms Almond purchased land in Drury.  Two dwellings were built on the Drury property (the Property), one was occupied by Ms Almond and … Continue reading

First up, best dressed

Representation of the Rawlinson & Hunter Trusts SA re Z Trusts relates to appeals against three judgments of the Jersey Royal Court regarding the equitable rights of a former trustee and whether those rights take priority over the rights of other claimants to the assets of a trust whose liabilities exceed its assets, in other words, … Continue reading

Result

Mr Brownsea purchased a property in the names of himself and Ms Malit in the hope that a relationship would eventuate.  It did not.  Mr Brownsea wanted the title to the property to vest solely in him, Ms Malit would not oblige. There was no relationship in terms of the Property (Relationships) Act 1976 (the … Continue reading

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